Canadian Dollar Falls After Surprise February Job Losses
The Canadian dollar declined 0.7 percent today as the economy lost nearly 84,000 jobs in February. Investors reduced expectations for interest rate hikes.
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The Canadian dollar experienced its sharpest decline in six weeks on Friday, hitting a 10-day low against its United States counterpart. This downward pressure followed disappointing domestic employment figures that prompted investors to reconsider expectations for future interest rate hikes.
In Canada, the economy unexpectedly shed 83,900 jobs in February, driving the unemployment rate up to 6.7%. This result significantly missed economist projections, which had anticipated a modest gain of 10,000 positions.
